Ravencoin perpetual futures explained: RVN Eth mining alternative price rising ahead of Merge
13:49, 13 September 2022
The FTX exchange has listed a perpetual futures contract for ravencoin (RVN) as interest grows in proof-of-work (PoW) cryptocurrencies.
Investors are proving eager to take advantage of the migration of miners as Ethereum (ETH) switches to a proof-of-stake (POS) consensus mechanism.
RVN to USD
According to CoinMarketCap, RVN’s price was up 59% over the past seven days, as of 13 September, and was trading at $0.0627.
All about the new RVN contract
Perpetual contracts allow investors to trade futures without any expiry dates. This means traders can hold a long or short RVN position on FTX for any length of time, depending on funds.
The new RVN contract on FTX has only been paired with the Perpetual Protocol (PERP) cryptocurrency. As the name suggests, the protocol is a decentralised exchange (DEX) designed specifically for trading perpetual futures.
While FTX is using the PERP native cryptocurrency for the RVN contract, it was not clear in its announcement if it is using the protocol.
Proof-of-work dominance
RVN was forked from bitcoin (BTC) and as such uses the same PoW consensus mechanism.
Although Ethereum believes the future lies in PoS, there is clear dominance of PoW cryptocurrencies. CryptoSlate has reported that the consensus mechanism makes up 62% of all cryptocurrencies.
Despite not being as dominant as bitcoin, ravencoin was still ranked 10th by market capitalisation among all PoW cryptocurrencies.
Interest from other exchanges
Other exchanges and protocols appeared to have noted ravencoin’s status among PoW coins.
KuCoin listed the cryptocurrency on 31 August 2022 with the USDT pairing.
Meanwhile, the mining pool platform Hiveon launched an RVN pool on 6 September with 0% fees. It appears to be paying off for Hiveon as MiningPoolStats showed it was ranked third out of all RVN pools.
Yes. Hiveon Ravencoin Pool has officially launched!????
— Hiveon (@hiveonofficial) September 6, 2022
Pool Fee: 0% till the end of 2022
Reward Type: PPS+
Transaction cost: 0%
Switch your GPU workers to RVN now: https://t.co/UYREsXgDtV#RVN @Ravencoin @leon_texas @RavencoinAssets @RVNFT_ART @blockchaintiger@SonOfATech pic.twitter.com/cHNBx4YRWs
Recent RVN price action
Ravencoin has been making steady gains in the run up to The Merge and its market cap stood at $662m as of 13 September.
It has jumped from $0.0288 on 4 September to $0.0627 at the time of writing, an increase of 117%.
Markets in this article
Related topics
